Lam Research Corp

Company facts

Industry

Special Industry Machinery, NEC

Headquarters

Fremont, California

Most recent report

8-K, filed Aug 27, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 707549

Fiscal year ends

June

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 4 of 27 sections worth reading, with 2 positive, 8 notable, and 5 negative flags.

• Risk Factors (Item 1A)

  Quantified China revenue (34% FY2026), new Middle East conflict risk, debt reduction, added AI risk.
  Notable

  • New risk factor on AI use added, covering IP leakage, competitive disadvantage, and legal uncertainty.
  • Senior notes outstanding reduced to $3.75B from $4.5B, a net deleveraging.
  • Commercial paper program increased to $2.0B from $1.5B, providing more short-term liquidity capacity.
  Negative

  • New Middle East conflict risk details closure of Strait of Hormuz, attacks on Red Sea vessels, impacting key inputs like helium, bromine, sulfur.
  • Steel and aluminum tariffs increased manufacturing costs in FY2026, adversely impacting margins.
  • China revenue concentration at 34% in FY2026, exposed to U.S. export controls and Chinese retaliation.

• Market for the Stock (Item 5)

  Buyback and dividend data with material changes from prior year.
  Positive

  • Quarterly dividend rose from $0.23 to $0.26 per share in FY2026, a 13% increase.
  Notable

  • Stockholders of record dropped from 325 to 305 as of August 2026.
  • New $200 million accelerated share repurchase agreement signed in March 2026.

• Management's Discussion (Item 7)

  MD&A with full financial results, liquidity, and critical accounting estimates.
  Positive

  • Revenue up 26.0% to $23.23B in FY2026 vs FY2025.
  Notable

  • Capex up 27.3% to $966.4M in FY2026 for US lab and global manufacturing investments.
  • Deferred revenue fell to $2.43B from $2.68B, mainly from lower customer deposits.
  Negative

  • Operating cash flow fell $315.6M to $5.86B in FY2026 due to $1.96B jump in receivables.

• Financial Statements (Item 8)

  Contains all financials and notes; revenue up 26%, cash flow down.
  Notable

  • Malaysia tax incentive benefit surged to $968M from $585M, boosting EPS by $0.77.
  Negative

  • Four customers each accounted for 10%+ of revenue, totaling 55% in FY2026.

What changed: FY2026 vs. FY2025

About 15% of LRCX's FY2026 10-K is new information. 125 paragraphs were added, 305 changed, and 109 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 110
• Risk Factors (Item 1A) 78
• Management's Discussion (Item 7) 48
• Form 10-K Summary (Item 16) 43
• Business (Item 1) 42
• Part I (Part I) 16
• Market for the Stock (Item 5) 11
• Controls and Procedures (Item 9A) 6
• Directors and Officers (Item 10) 5